ANNAPOLIS, Md. —The state of Maryland has recalculated the math on revenue estimates, and the updated numbers have leaders cautiously optimistic.
Comptroller Peter Franchot may have summed it up best when he went off-script Tuesday afternoon, saying "Christmas is coming and this is a very small gift."
The state Board of Revenue Estimates revised revenue projections upwards for the current and next fiscal years, estimating an additional $31.4 million for fiscal year 2016 and $60.1 million more for fiscal year 2017.
However, Franchot also cautioned to keep this bit of good news in perspective, saying that while growth came from income tax receipts, weakening retail sales also cut into the projected bottom line.
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2 comments:
So we can all expect a tax refund, right?
This would NOT have been possible under the previous Omalla administration. Hogan cut taxes and fees (Think Bay Bridge & Employer Taxes) and we are still have some money left over.
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